Report: Fewer Canadians interested to buy homes in Las Vegas
According to a recent Redfin study, fewer Canadians are actively seeking homes in the Las Vegas Valley. Data from Redfin's search engine shows a 24.3% year-over-year decrease in Canadian searches for Las Vegas properties through May.
This decline reflects a wider trend, as overall Canadian searches for U.S. homes on the site fell by 26% during the same period, with reductions in all but two of the 50 largest American metropolitan regions. Cheryl Van Elsis, a Redfin agent in Las Vegas, notes a decline in Canadian clients, primarily investors, who now view U.S. property as a poor investment.
She cited one client, an online gaming platform owner, who is selling his final U.S. property, specifically acquired for Canadian renters, due to his strong conviction that the U.S. is no longer a viable investment or vacation destination.
Southern Nevada's housing market faces a paradox: home prices remain at a record high set earlier this year, even as a flood of new listings hits the market. This comes as passenger air traffic to the region saw a notable drop in May, with Harry Reid International Airport reporting an 8.7% decrease in international arrivals year-over-year. Canadian airline traffic, in particular, saw significant declines, with Air Canada passengers down 21.7% and WestJet experiencing a 34.6% reduction in travelers.
The U.S. real estate market, significantly linked to Canadian 'snowbirds' wintering in the south, is now feeling the effects of shifting political tides from the White House, as detailed in a new Redfin report. Canadian interest in U.S. homes began a significant decline in February, coinciding with the White House's 25% tariffs on imports from Canada and Mexico.
The drop became particularly steep in April, when the Trump administration announced its broad global tariff policy, resulting in a 34.2% year-over-year decrease in searches. The report also suggests that a weak Canadian dollar could be contributing to this decline, highlighting the strong economic ties between the two countries in real estate.
Historically, Canadians have been the largest group of international homebuyers in the U.S., accounting for 13% of foreign buyers and purchasing $5.9 billion worth of U.S. real estate in 2024 alone.
